Summary

BACKGROUND

A. The title to all Petroleum existing in its natural condition in the territory of the Federal Republic of Somalia is the common good of the people of Somalia, owned by the Federal Republic of Somalia and vested in the Federal Government.

B. In accordance with the Act, the Federal Government has the authority to grant an authorisation for the Petroleum Operations and to enter into production sharing agreements.

C. The Federal Government wishes to promote and support the Exploration and Development of Petroleum throughout the Contract Area [and for that has run a tender process [insert details], with the Contractor having been selected (pursuant to a decision [insert details]) as the best bidder]. The Contractor wishes to join and assist the Federal Government in accelerating the Exploration and (potential) Production of Petroleum in the Contract Area.

D. The Contractor has the financial ability, technical competence and professional skills required to carry out the Petroleum Operations in accordance with the Agreement.

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